The Market for Soybeans Is Characterized by = 18

question 11

Multiple Choice

The market for soybeans is characterized by = 18 - P_s and
= P_s - 0.5P_c, where Q_s is the quantity of soybeans in millions of bushels, P_s is the price per bushel of soybeans, and P_c is the price per bushel of corn. The market for corn is characterized by
= 18 - P_c and
= P_{c -} 0.5P_s, where Q_c is the quantity of corn in millions of bushels. In general equilibrium, the equilibrium quantity of corn is _____ bushels and that of soybeans is _____ bushels.

• A) 6 million; 6 million
• B) 9 million; 9 million
• C) 6.5 million; 6.5 million
• D) 16 million; 16 million

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Definitions:

Switch Statement

A control statement in programming that allows for the execution of different parts of code based on the value of a variable or expression.

Integer Constants

A numerical value without a decimal part, used in programming to represent whole numbers.

Optional

Indicates that an element, parameter, or feature is not strictly required and can be omitted if not necessary.

Default

A keyword in programming used to specify the default case in a switch statement or default values for functions and methods.